IndexIQ has six products on the market and a dozen more in the pipeline. It hopes to create a portfolio of low-cost, indexed alternatives that span hedge-fund replication, inflation tracking, merger arbitrage, and distressed investments
INVESTMENT/TICKER: IQ Alpha Hedge Strategy/IQHOXLAUNCHED: June 2008ASSETS: $38 millionSTRATEGY: IndexIQ's only mutual fund offering tries to replicate hedge-fund returns and uses leverage. The fund, its oldest, gained 25.9% over the past year.
INVESTMENT/TICKER: IQ Hedge Multi-Strategy Index ETF/QAILAUNCHED: March 2009ASSETS: 74 millionSTRATEGY: IndexIQ's biggest product seeks hedge-fund-like, low-volatility returns with moderate correlation to stocks and bonds.
INVESTMENT/TICKER: IQ Hedge Macro Tracker/MCROLAUNCHED: June 2009ASSETS: 7 millionSTRATEGY: Aims to track the returns of hedge funds that play on macroeconomic trends or that have an emerging markets strategy.
INVESTMENT/TICKER: IQ CPI Inflation Hedged ETF/CPILAUNCHED: October 2009ASSETS: 3 millionSTRATEGY: Seeks to hedge against changes in the U.S. inflation rate by tracking a proprietary index.
INVESTMENT/TICKER: IQ ARB Global Resources ETF/GRESLAUNCHED: October 2009ASSETS: 6 millionSTRATEGY: Attempts to offset inflation through exposure to a diversified portfolio of commodity-related equities worldwide.
INVESTMENT/TICKER: IQ ARB Merger Arbitrage ETF/MNALAUNCHED: November 2009ASSETS: 3 millionSTRATEGY: This new merger-arbitrage ETF is designed to give investors exposure to global corporate mergers-and-acquisitions activity.
Data: Morningstar, IndexIQ